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February 13, 2012
Binyamin Rose: Back to the Bunker: How a life-risking act by a Christian family during the Holocaust saved a family and built a thriving community a world away
Menachem Wecker: Business Schools Teach Real Estate Despite Troubled Housing Market
February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
Sept. 22, 2008
22 Elul 5768
America's stress test
By
Michael Goodwin
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http://www.JewishWorldReview.com |
The words "this is a test," followed by a harsh buzzing sound, are familiar to anyone whose TV viewing has been interrupted by the Emergency Broadcast System. In recent days, the American political and economic systems have been tested, too. Let's just say the Emergency Broadcast System works better and is less annoying.
The meltdown on Wall Street, averted for now by the gigantic taxpayer-funded bailout in the works, revealed frightening weaknesses in our financial readiness. Equally scary was what the crisis revealed about Barack Obama and John McCain.
Both flunked the sudden stress test the crisis imposed. Neither looked ready to be President.
They were bailed out, too. The rescue package took them off the hook of actually having to come up with solutions or even responsible ideas.
Yogi Berra's line that you can learn a lot by watching certainly proved to be true. Watching Wall Street panic and the leaders of Congress turn into fraidy-cats who only wanted to go home was bad enough.
Seeing the next President, whomever we elect, pretend to be bold and certain when neither had a clue was terrifying.
Grace under pressure was missing-in-action. Neither Obama nor McCain rose to the challenge history presented to them. Because the crisis hadn't been poll-tested or posted safely on the TelePrompTer, they didn't know what to say except that everything was bad and excuse me while I open a can of outrage.
The one thing they dare not say was the truth: that ordinary Americans are also guilty of overindulging in the credit binge. That might cost them votes.
McCain suggested a commission. Obama promised a meeting. And they blamed each other. Thanks for nothing.
Each made a lame claim that I-told-you-so, as though they had actually seen it coming. Hogwash. They had no clue before and no solution after. Nor did their armies of advisers and experts.
It was 9/11 all over again in that nobody connected the dots until the damage was done. George Bush was no better. Until he deigned to appear Thursday for a two-minute speech - no questions allowed - I assumed he was hiding with Vice President Cheney in an undisclosed bunker.
It was a shockingly poor performance by Obama and McCain. It revealed not only their slender understandings of the economy, but also the shallowness of the campaigns they are running.
With the crisis building for more than a year, neither was prepared when it blew open. It's a good bet they're not ready for the next emergency either, whatever it is. They are so sweating the small stuff they have no time for the Big One.
News of the bailout package, first leaked Thursday and confirmed Friday, lets the whole world exhale. But like the morning after a bad dream, the image of what you saw remains vivid.
The people who lead the country and those who want to, ducked or blinked. No thanks to any of them, our financial system is largely intact.
Thanks goes only to Treasury Secretary Henry Paulson, Fed chief Ben Bernanke and their teams for working 'round the clock to stop the madness. Their solutions, which went from ad hoc to systemic, are by definition less than perfect and are certainly in need of tinkering. But, as Paulson said Friday, they are far better than the alternative.
Of course, the ultimate thanks goes to the taxpayers who will shoulder the burden of bailing out the banks, the mortgage holders and lenders and, yes, the political class. In truth, the bailout saves Washington as much as Wall Street. Nothing Washington said mattered until the money was on the table.
But what of the next time? It's worth remembering Senate Majority Leader Harry Reid's midweek confession as the banking system was unraveling. Asked if Congress would pass legislation to deal with the crisis before a planned recess next week, Reid said no, adding: "No one knows what to do."
Finally, an honest man in Washington.
Every weekday JewishWorldReview.com publishes what many in Washington and the media consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Michael Goodwin is a Pulitzer Prize-winning columnist for the New York Daily News. Comment by clicking here.
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